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Cryptocurrency Ethereum. The history of creation, the principle of operation, the main features

22.02.2022 |

For the article about ETH

The cryptocurrency Ethereum, which has the ticker ETH, is a digital asset that has been ranked second in the world of cryptocurrencies in popularity for a long time. For the first time information about this currency appeared in 2013, then it was called “Bitcoin 2.0”. The network itself Ethereum was launched only in 2015 after the successful ICO.

The developers of this Blockchain project are **Gavin Wood and Vitalik Buterin **, it was they who first came up with the idea to create not a copy of the Bitcoin cryptocurrency, but a unique platform for creating decentralized p2p applications that use the technology of “smart contracts”, which is a computer algorithm that performs a certain action only after fulfilling the pre-established conditions of the transaction.

In the Ethereum system, every user who knows the Solidity programming language (an analogue of JavaScript) can freely create their own decentralized tokenized platform of the ERC-20 standard and immediately launch it into the global network.

Transactions on the Ethereum platform occur using two coins – ETH and GAS. ETH is the main valuable asset for transfer between users, GAS is a special intra-network coin, which is necessarily used for the successful transaction. The larger the transaction amount and the faster it needs to be carried out, the more GAS will need to be “burned”.

The system algorithm of the Ethereum cryptocurrency is called Ethash (based on the Proof-of-Work technology). This asset can be mined with the help of special mining equipment, the issue of Ethereum is ** not limited **, at the time of writing, more than 100 million coins have already been mined.

In the near future, the developers plan to switch to a special algorithm Casper (based on the Proof-of-Stake operation), which will help improve the network bandwidth and its security.

Ethereum Trading Pairs on Cryptex.net:

ETH/BTC

Adding funds to an Ethereum account on Cryptex.net

To make a deposit of Ethereum cryptocurrency on the exchange Cryptex.net, please go to the main page of the site in the section “Balance”, after that, the system will transfer you to your personal account, where there will be an information block with the inscription “Other cryptocurrencies”. Using the “Choose currency” function, find the “Ethereum” coin ticker in the list that appears (3rd position from the top). If you did everything correctly, then a new block with the corresponding name “ETH” will appear in front of you, and two buttons at the bottom “Deposit” and “Withdraw”.

Click “**Deposit **”, the exchange system will generate a unique ETH address for you, which you will need to use to replenish your deposit. To simplify the task of copying the ETH email address and not make a mistake, use the “Copy” button (the address is automatically copied to the clipboard of your PC).

Make the transfer to the specified address issued by the exchange. Some time after the transfer of funds, you will be able to get acquainted with the full information about replenishing your account in the “Deposits section”.

If you have any questions about depositing Ethereum into a trading account, write to us in the online chat, or create a ticket.

Withdrawal of Ethereum cryptocurrency from the exchange

In order to withdraw the ETH digital coin from the trading platform Cryptex.net to a third-party account, go to the “Balance” section on the main page of the exchange, open the “Other cryptocurrencies” block, select “ETH” in the drop-down list and click “Withdraw”. Two windows “Address” and “Amount to withdrawal” of the Ethereum cryptocurrency will appear just below.

  • In the “Address” line, use the ETH email address to which you would like to withdraw funds from the exchange.

  • In the “Amount to withdrawal” section, specify the required amount of funds in ETH equivalent that you want to transfer from your personal account Cryptex.net .

After correctly filling in the required fields, pay attention to the commission that will need to be paid for the transfer of cryptocurrency. The exchange’s commission for the withdrawal of Ethereum is fixed – 0.01 ETH per operation, the withdrawal limit is ** unlimited**.

Learn more about all fees for transactions, deposit and withdrawal of cryptocurrencies on Cryptex.net you can find it in the “Fees” section.

If you agree with all the terms of the transfer, click “Withdraw”. The system will begin to form a transaction for sending Ethereum cryptocurrency from the exchange. After successful completion of the operation with a detailed withdrawal history from Cryptex.net you can find it in the section “Withdrawals”.

If you have any questions about the withdrawal of Ethereum from the internal account, write to us in the online chat, or create a ticket.

Remember that for transfers between accounts inside our system, you can use the Cryptex code, which allows you to make transactions instantly and without commission.

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